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The Real Deal NYC

Michael Besen’s company will manage Steve Croman’s portfolio

Steve Croman may be out of jail, but he is still years away from being able to run his properties again. The New York state Attorney General’s office has selected Michael Besen’s New York City Management to operate Croman’s portfolio of more than 100 buildings as of July 1, according to the Commercial Observer. The company will run the properties for five years. Croman had proposed two other companies instead of NYC Management, but the state […]

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Town sued for $438K in rent at 110 Fifth Ave

Two months after Town Residential abruptly shut its resale and leasing business, its former landlord at 110 Fifth Avenue slapped the firm and its founder Andrew Heiberger with a lawsuit to recoup unpaid rent. According to the suit, filed Tuesday in New York State Supreme Court, Town surrendered possession of the 16,600-square-foot office on May 10, weeks after effectively ceasing brokerage operations. But court documents allege that Town and Heiberger, who guaranteed the lease renewal […]

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Hamptons homeowners, renters are among the most exposed to climate change

Taxpayers in the Hamptons are among the most vulnerable to losing money to climate change. Among municipalities with a high likelihood of chronic flooding in the next 12 years, Southampton has the second highest level of its property-tax revenue at risk, Bloomberg reported. Data gathered by the Union of Concerned Scientists, rising sea levels puts hundreds of thousands of homes and commercial properties at risk of being flooded at least 26 times a year by […]

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Joe Farrell’s not-so-sad saga

Beyoncé and Jay Z. Madonna. Russian billionaire Valery Kogan. These famous faces are among the many who have summered — or at least weekended — at Joe Farrell’s Sandcastle mansion. And though the estate has been on and off the market too many times for the developer to recall, the cachet of these bold-faced names represents a coup of sorts for Farrell, and, he said, helps to market his company, Farrell Building. In March, the […]

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Developer of Bed-Stuy condo project nabs $55M loan

The developer behind a ground-up condominium development at 948 Myrtle Avenue in Brooklyn has secured a $55 million construction and refinancing loan. Madison Realty Capital on Tuesday confirmed the loan for the 214,000-square-foot mixed-use project, but would not confirm the identity of the developer. Sources told The Real Deal that Isaac Schwartz is behind the development, which spans three adjacent sites, at 936 Myrtle Avenue, 948 Myrtle Avenue, and 258-264 Throop Avenue and will include rental […]

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Never say never: Brookfield, Forest City restart acquisition talks

Brookfield Asset Management’s acquisition of Forest City Realty Trust could happen after all. The real estate investment trust is talking to Brookfield about a sale for $25 to $25.50 per share, Bloomberg reported. A mere three months ago, Forest City rejected a takeover offer of $25 per share from Brookfield and declared it would remain an independent company. “The board concluded that stockholder value would be better enhanced on a standalone basis and that the […]

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AvalonBay looking to sell stake in $1.2B Manhattan apartment portfolio

Mega-landlord AvalonBay Communities is hoping to offload half of a $1.2 billion Manhattan portfolio, as apartment prices continue to rise in the city. The publicly-traded firm, one of the largest apartment owners in the U.S., is looking to sell seven buildings in areas including Morningside Heights and Chelsea, sources told Bloomberg. The company did not respond to a request for comment before deadline. The move comes amid rising apartment prices in the city. In February, […]

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Countrywide CEO Angelo Mozilo reflects on the 2008 crash

Ever wondered where the so-called villains of the 2008 crash ended up? The Wall Street Journal is doing a series of check-ins with leaders of major players at the onset of the Great Recession and Angelo Mozilo is undoubtedly one of them. The former head of Countrywide Financial Corp., who sold the company to Bank of America in a pre-crash fire sale, still disagrees with those that say that he, as the largest lender in […]

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Public housing is better off under private management: study

Developers who managed six public housing buildings put residents’ fears to rest about how private management would treat them, according to a report to be released tomorrow. The Wall Street Journal reviewed an advanced copy of the report, conducted by the Citizens Housing and Planning Council,  and noted that in 2016, 80 percent of tenants in the privately-managed buildings rated the quality of housing as good or excellent, compared to 35 percent who did the […]

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Buckle up: There’s a new must-have for luxury hotels

Who wants to sit shotgun as luxury hotels and cars take off at break-neck speeds? Hotels that allows guests to drive themselves around a racetrack in luxury cars are becoming increasingly popular for car lovers, corporate retreats and those seeking something new and novel, according to Bloomberg. “Track driving in one of the world’s great equalizers,” said Maggie Smith, the owner of Connecticut resort, Winvian Farm, to Bloomberg. Smith’s hotel offers road-racing lessons on a […]

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